This one slide sums up a decade (2006-2016) of evolution in the areas of data processing, analysis, computing, machine learning and artificial intelligence.
Clive Humby, UK Mathematician and architect of Tesco’s Clubcard, said in 2006 (widely credited as the first to coin the phrase): “Data is the new oil. It’s valuable, but if unrefined it cannot really be used. It has to be changed into gas, plastic, chemicals, etc to create a valuable entity that drives profitable activity; so must data be broken down, analyzed for it to have value.”
Andrew Ng gave the phrase “AI is the new Electricity” in 2016. “Electricity changed how the world operated. It upended transportation, manufacturing, agriculture, health care. AI is poised to have a similar impact” he said. Information technology, web search, and advertising are already being powered by artificial intelligence. It decides whether we’re approved for a bank loan. It helps us order a pizza and estimate our wait time, and even tells the driver where to deliver it. Other areas ripe for AI impact: fintech, logistics, health care, security, and transportation.
“Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don’t think AI will transform in the next several years,” Ng says.